ENERGY Secretary Raphael Lotilla on Monday said he was pleased with the increasing enthusiasm of local and international investors for unlocking the country’s renewable energy (RE) potential.

This came after Spanish firm BlueFloat Energy announced its entry in the Philippine market through the acquisition of Wind Energy Service Contracts in sites to be located in Bataan, Batangas, Cagayan, Ilocos Norte and Mindoro.

The Department of Energy (DoE) also received an overwhelming response for the second round of the Green Energy Auction Program with 118 pre-qualified companies that will inject capital for the 11,600 megawatts of RE capacities targeted for addition in the country’s energy mix between 2024 and 2026.

“We are pleased with the positive response from local and foreign investors eyeing our RE potential. We are working on policies that would minimize roadblocks, especially for offshore wind (OSW) installations,” said Lotilla.

He also said that the DoE will work with the concerned government agencies, local government units and concessionaires to implement the directives of President Ferdinand Marcos Jr.

Besides policy enhancements, there are available incentives for RE projects under the 2022 Philippine Strategic Investment Priority Plan.

Lotilla added that OSW investments from foreign companies would bring cutting-edge technology as BlueFloat Energy plans to leverage its floating wind expertise and experience to develop projects and will be working with local partners.

More importantly, the Spanish firm will work with coastal communities in enhancing the local livelihood opportunities and environmental protection.